Blockchain in Manufacturing

Blockchain in Manufacturing Market 2019 Research Report incorporates all systematic just as measurable data with respect to the market summary, development, demand, and forecast analysis. The report predominant features the Major patterns of the Blockchain in Manufacturing market regarding Top Manufacturers, Product costs and evaluation, revenue, growth, and sales. With the assistance of every single verifiable data of the Blockchain in Manufacturing Market, the report considered comprehensive market factors, which will be useful in present and future period moreover.

Blockchain in Manufacturing Market Segmentation by Top Listed Players:

  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • Amazon Web Services
  • Inc.
  • Wipro Limited
  • Oracle Corporation
  • Advanced Micro Devices
  • Inc.
  • Factom
  • Blockchain Foundry
  • Inc.

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Overview of Blockchain in Manufacturing Market Report:

The blockchain in the manufacturing market is expected to register a CAGR of approximately 78% over the forecast period. In the manufacturing industry, blockchain capabilities make it all set to disrupt the adoption in the near future. It has the potential to reduce cost substantially, decrease lead times so that manufacturers can focus on other core competent areas to enhance profitability. Whether it is suppliers, procurement, strategic sourcing, shop floor operations or anything pertaining to manufacturing blockchain triggers a completely new way of doing the manufacturing business. Right from sourcing, procurement and dealer quality to operations such as machine-level monitoring, blockchain can pave the way for a new business model and has the potential to emerge as a disruptive solution to these functions in manufacturing..

– Further, blockchain solutions in manufacturing industry enable real-time data analysis, easy deployment of solutions, monitoring customer purchase behavior, for instance, combining blockchain and IoT can revolutionize product safety, warranty management, track-and-traceability, Maintenance, Repair & Overhaul (MRO), and lead to new usage-based business models for smart, connected products. It also helps to increase transparency, recognize issues within a supply chain, and streamline industrial processes. These solutions are the major factors driving the adoption of technology in the manufacturing industry.
– For instance, a manufacturer can use the blockchain technology to trace the supplier of the faulty parts more efficiently, containing the issue and reducing time and labor costs. According to study findings of Capgemini, typical product recalls cost USD 8 Million, and many could be averted with improved track-and-traceability enabled by blockchain, for instance,
food recalls alone in the US in 2019, cost nearly USD 3.5 billion. With the convergence of IIoT and cloud services, major manufacturers are increasingly relying on digital platforms. Hence, digital marketplaces, tracking critical supply chain parameters, tracking components quality, preventing counterfeit products, and tracking asset maintenance are the five areas blockchain will see the highest adoption.
– However, the absence of systematic legislation and regulatory bodies governing the blockchain technology is expected to hinder the adoption of the technology in the sector. This restraint may be majorly due to the threat of loss of confidential and vital information regarding major operational processes of the enterprise.

Scope of Blockchain in Manufacturing Market Research Report 2019-2024

Blockchain technology is a digitalized public ledger, which was initially used only for cryptocurrency transactions. The blockchain is now used in various sectors of the manufacturing industry, such as automotive, aerospace & defense, pharmaceutical, consumer electronics, textile, food & beverages, etc. Multiple processes, such as transactions, transportation, and stock management, are noted and organized sequentially without maintaining any records or files.

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Key Market Trends

Logistics and Supply Chain Management Expected to Account for the Largest Market Share

– The logistics and supply chain forms an integral part of the manufacturing industry. Hence a highly efficient system will ensure that the manufacturing processes run seamlessly. The manufacturing businesses can leverage the blockchain technology by combining IoT and blockchain technology to streamline their supply chains, increase authenticity, transparency, compliance to product and contractual requirements while reducing counterfeiting. 456- For instance, in 2017, two companies, IBM and Maersk, tested the application of blockchain in logistics. The experiment depicted how blockchain can be used to track on-transit containers. With blockchain, the supply chain stakeholders benefit from accessing relevant, actionable information. Traceability and transparency are some of the most important foundations of logistics. Further, blockchain can optimize business transactions and trading relationships with robustly secure, global business networks.456- The technology can help businesses improve supplier order accuracy, quality of the product, trace the origin, and track the journey of products across the supply chain. The results are a greater collaboration, streamlined inventory management, improved asset utilization, and more.456- Studies put that around 70% to 80% of supply chain managers worry about supply chain disruptions, particularly high in manufacturing, having an outsize reliance on materials. For instance, in between 2014 and 2017, supply chain waste and abuse fraud risk spiked from 25.2% to 35%. By introducing blockchain, intermediaries can be eliminated to streamline supply chain operations. Synchronization of transaction data across networks is also possible, which enable the participants to validate each other’s work.

North America is Expected to Dominate the Market

– The manufacturing sector is a significant contributor to the global GDP and is particularly true in North America. The region is expected to hold the largest market share of the blockchain in the manufacturing market. The countries significantly adopting the blockchain in manufacturing services are the US and Canada, owing to the presence of major market players, such as IBM, Intel, Oracle, etc. Manufacturers were responsible for USD 2.33 trillion to the US economy in Q1 of 2019, the equivalent of 11.7% of the nation’s economic output and with 12.75 million jobs sustained by the US manufacturing sector, it has significant potential for growth.456- Also, the region has sustainable and well-established economies, which allow them to have robust investments in R&D activities, thereby contributing to the development of new technologies. For instance, automotive manufacturers, such as Ford, BMW, General Motors, and Renault, collaborated to form a blockchain alliance named Mobility Open Blockchain Initiative (MOBI). IBM and Accenture provide MOBI’s hardware.456- Furthermore, the growth potential can also be attributed to the early adoption of technological advancements, such as IoT, big data, DevOps, and mobility. Hence, manufacturers are keen to integrate blockchain technologies into their processes. Moreover, the startup culture in North America is growing at a faster pace as compared to other regions. The advent of SMEs and increasing digitalization in manufacturing have also aided the growth of the North American market.

Blockchain in Manufacturing Market Segment by Key Regions:-

  • North America (the USA, Canada, and Mexico)
  • Europe (Germany, France, UK, Russia, and Italy)
  • Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
  • South America, Middle East, and Africa

The report contains detailed information about the following points:

  • Blockchain in Manufacturing Industry Overview: Definitions, applications, classification and other basic information about the industry is covered in this part. Chain structure of the industry is given along with an analysis of various policies and news. Development of the industry is assessed with the information about the status of the industry in various regions.
  • Production Analysis: Capacity and production are analyzed for various types, regions, and manufacturers. In addition, revenue analysis for Blockchain in Manufacturing market is given with respect to these three aspects.
  • Methodological Data: Assembling process for the Blockchain in Manufacturing is contemplated in this area. The investigation covers crude material providers, gear providers, material cost, hardware cost, work cost, and different expenses. Limit and creation of different assembling plants, their circulation, and R&D status are additionally given.
  • Source and Consumption analysis: The supply, including import and fare, is examined and supply-utilization hole is clarified in the report. Import/send out figures are given for singular district including USA, Europe, Japan, and China.
  • Price, Cost, and Gross Analysis: Regarding regions, Blockchain in Manufacturing industry producers and sorts, cost and cost are dissected. In continuation, gross and gross edge are talked about.
  • Blockchain in Manufacturing Market Competition: organization profiles, item portfolios, limit, value, cost, gross and income of every one of the Blockchain in Manufacturing business key players are given. Likewise, contact quantities of these organizations are given.
  • Sale and Consumption Analysis: Blockchain in Manufacturing market utilization volume and esteem, both are given in the report by applications, sorts, and locales. Deal value investigation and Blockchain in Manufacturing piece of the pie in light of that is additionally included.
  • Addition Information: Contact data of raw material providers, hardware providers, Blockchain in Manufacturing showcase significant customers are given. For a new venture, a practicality examination is given.

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